What is a Debt Management Service?
Are you worried about bad debt? Are you thinking about bankruptcy? A debt management Service could be the solution.
Before proceeding with any debt management service or advice you should consider whether to use any of the free options available to you see below for more information on free and low cost options below.
If you and your creditors don’t see eye to eye, bringing in a third party to mediate on your behalf could help. Our debt management services bridge the gap between borrowers and lenders to help both parties understand each other and reach an affordable and sustainable outcome.
Our debt management service can help you arrange an agreement between debtors (you) and creditors. We may be able to set up a plan that replaces your previous obligations and commitments to your debts in favour of a new structure. A new structure may be more affordable and representative of your current circumstances providing you with a new repayment schedule and a new relationship with your creditors.
Would you like help to settle your debts and improve your financial position? For many people, this is preferable to the alternatives of a formal agreement or bankruptcy.
Have you taken on more debt than you can afford to pay or started to miss payments? Missing payments could result in you paying increased interest rates and penalties or defaulting on your loan or credit card, which in turn will likely harm your credit score, effecting your credit reputation and making it difficult for you to borrow in the future.
When you talk to us we will also discuss the other low cost and free options available to help you make an informed decision.
Again, before proceeding with any debt management service or advice you should consider whether to use any of the free options available to you.
See below for more information on free and low cost options.
There are four main steps in our debt management and advice process. These are:
2. Review and analysis
4. Agreement to proceed and implementation
The fact-finding stage is the first step in our process. At this stage we will discuss with you your circumstances and find out enough information to know whether we may be able to help you. We will also make you aware of the various low-cost and free options that may be available to you (see here) and make you aware of our complaints resolution process (www.afca.org.au).
If we agree that we are able to assist you we will ask you to complete a factfinder questionnaire which will give us some further information about yourself and your circumstances. As well as providing the fact finder we may also require an authority from you to enquire directly to credit providers. At the end of this process we should have all the information we require to anlayse your situation and provide advice.
Review and analysis
Once we have all the information we need we will conduct an assessment and consider the various options available. Depending on the complexity of your case this step of the process could require us to obtain further information. Once our assessment is completed we will consider the various options available and prepare some information as to the strategies available.
At this stage we will also consider the complexity of your case and advise if it is out of the scope of our expertise.
Upon completion of our factfinder and review of the information available we will hold a second more formal discussion with you. From the previously prepared assessment we will provide you with an outline of your obligations to the credit provider and oxidant available to you in order to resolve these issues. Given the complex nature of debt management services we will need to consider our place at this time will make them available to you as well as our methodology for calculating the fees. At this time we should also consider whether it might be viable for you to consider pursuing the low-cost and free options available to you (here). At this time you should have sufficient information in order to make a decision as to whether you wish to proceed with our services and should you wish to proceed we will continue to the next step being our implementation phase.
Implementation (Next Steps)
Once there’s been an agreement to proceed we will discuss and agree to a plan of action. Our team will then implement the plan while keeping you informed regularly.
Prior to proceeding with our services there may be a low cost or free option available to you. Please see below various links which include the 3 main credit reporting bodies in Australia which you can submit a complaint to at no cost.
Credit Reporting Bodies
Equifax – https://equifax.australiancreditdata.com.au
illion – https://www.creditcheck.illion.com.au
Experian – https://www.experian.com.au/order-credit-report
Please review the various links below which may assist you in making a complaint in order to have your matter resolved at no cost.
Australian Financial Complaints Authority (AFCA)
The Office of the Australian Information Commissioner (OAIC)
National Debt Helpline
1800 007 007
Smart Money Asic
The Telecommunications Industry Ombudsman (TIO)
Energy & Water Ombudsman SA (EWOSA)
Energy & Water Ombudsman WA (EWOWA)
Energy & Water Ombudsman NSW (EWON)
Energy & Water Ombudsman QLD (EWOQ)
Energy & Water Ombudsman VIC (EWOV)
Complaints and when things go wrong
Give Us Your Feedback – We’re Listening
If you have a complaint contact us in the first instance. If we’ve done wrong, or you’re not satisfied in any way, it’s important we hear about it so we can make things right. We’ll take your complaint seriously, work with you to address your complaint quickly and aim to find a resolution that’s fair. Sometimes we may need more time, but we’ll keep you updated regularly throughout the process to let you know where things are at.
Gather any supporting documents or records with names, times and dates that will assist our investigation into your complaint.
Get in touch to let us know about your complaint and how you’d like it resolved. The quickest way is to call our office or complete the contact form below.
We’ll acknowledge your complaint and let you know which team it is being handled by. We’ll do what we can to fix your problem, making sure it doesn’t occur again for you or anyone else and let you know once we have a resolution.
How Long Will It Take
Most complaints can be resolved on the spot or within days. We’ll keep you informed of our progress and if we’re unable to resolve your complaint within 21 days we’ll tell you that we need more time to investigate.
In the event of a delay and we’re unable to provide you with a final response within 21 days, we’ll tell you the reason for the delay, give you a date you can expect to hear an outcome and update you monthly.
If You Are Unhappy With The Resolution
You can lodge a dispute through the Australian Financial Complaints Authority (AFCA), our external dispute resolution provider. AFCA provides fair and independent financial services complaint resolution that is free to consumers.
Australian Financial Complaints Authority (AFCA)
Phone: 1800 931 678 (free call)
Postal Address: Australian Financial Complaints Authority, GPO Box 3, Melbourne, VIC, 3001
You can also contact The Office of the Australian Information Commissioner if your complaint is about your privacy.
Office of the Australian Information Commissioner
Phone: 1300 363 992
Postal: GPO Box 5218 Sydney NSW 2001
Please take the time to review our Freedom Wealth Services – Complaints & Handling Policy